Carter made the statement in his graduation speech to the Naval Academy in Annapolis, Maryland, less than 30 miles from M&T Bank Stadium, the home of the Ravens.
"It is a blessing to hear the news from Defense Secretary Carter today," Reynolds said in a statement. "I am truly excited to proudly serve my country while having the ability fulfill my dream of playing for the best organization in the NFL.
"I would like to thank the Navy for allowing me to represent them while taking advantage of this unique opportunity."
Reynolds set the NCAA record for most rushing touchdowns in a collegiate career, as he accumulated 119 (31 throwing, 88 running) total scores in his four seasons running ship at Navy. Despite his gaudy numbers at quarterback, the Ravens are planning on using him as a receiver and kick returner.